The price action has already hit the spike between 0.886 to 1.13 Fibonacci and completed the last leg of this .
The Dimensions Of The Pattern:
After initial leg (X to A) the A to B leg is retraced between 0.382 to 0.618 Fibonacci and then B to C leg is projected between 1.13 to 1.618 of A to B leg's and final (C to D) leg is retraced between 0.886 to 1.13 Fibonacci as required for perfect perfect and now we are entered in potential reversal zone of this pattern, now we can expect at any time which will lead the priceline between 0.382 to 0.786 of C to D leg and this should be our potential sell zone.
The Signals Are Pulling Back The Priceline In PRZ Level:
Even though after hitting the spike in potential reversal zone the price action has already projected in sell zone but the indicators are still strong and the priceline is likely to make another move to enter in this PRZ area which will be another chance to take the long position from here.
The moving average conversion divergence is turned strong and has given bear cross from the overbought zone and these signals will lead the price action to hit the potential reversal zone again.
The most optimistic signal we have is a with time period of 100 is already in the potential reversal zone to provide a strong support to price action to have a bounce from here and hit the sell zone soon.
Buying And Sell Targets:
As per Fibonacci sequence method we can set our targets as below:
Buy between: $0.2711 to $0.2555
Sell between: $0.2854 to $0.3173
So this very short term 4 hour based chart trade can produce upto 24% profit.
The potential reversal zone area which is up to $0.3173 can be used as stop loss or we can also use 100 for this purpose in case of complete candle sticks closes below this level.
I will be keep posting more potential trading ideas for educational purpose on different assets as soon as will receive any trading signals.